It was a day of considerable chop in equity land, the SPX settling -0.1% to 4459. Meanwhile, WTIC settled +14cents to $102.19.
sp’weekly1b
WTIC daily
Summary
SPX: Mr Market still appears set for a net weekly gain, as the setup leans to the bulls into May. I don’t expect anything sustained above the March high of 4637, as the US and broader global economy are slowing.
WTIC: oil saw some swings… with a low of $99.88. Today’s candle is black, and leans s/t bearish, if only part of Thursday. A challenge of the March $130s still looks due in June/July.
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Looking ahead
Thursday will see Weekly jobs, leading indicators
Earnings: AAL, SNAP, T, NUE, FCX, DOW, UNP, PM, ISRG
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PF chart of the day
The computer’s bold target of $265 has been met… and exceeded.
Netflix looks set for further downside into the summer. Key price threshold of the $124s looks realistic, not least if SPX <4K.
The company is an early warning for the main market, and related economic outlooks, as the consumer is increasingly struggling due to inflation.
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Final note
Always good work from CompanyMan on Twitter, which I continue to hope will be taken private by Musk.
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Once more… the Germans are deeming those people they don’t like as animals. A survey in the 1990s noted that around 1 in 8 Europeans hold views that effectively make them NAZI.
I had hope the European Union and single currency would bring Europe together. It sure didn’t go as well as I had hoped, not least with the UK even voting itself out of the EU.
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More from Dore, this time on the hypocrisy of those nations pushing against Russian oil.
If Europe is stupid enough to increasingly block Russian exports, it deserves nothing less than a dark and cold winter… with food shortages. That IS currently the path we’re on.
Yours truly still needs to buy some battery packs, and build up a second tier of reserves to get through winter 2022/23. The window of opportunity might close as early as late September.
Goodnight from London
Yours… more tired than you can imagine.